New Zealand shares Rose on Tuesday despite most global indexes seeing a decline after increasing US-China trade war tensions.

The S&P/NZX 50 Index rose 0.47% or 56.58 points to close at 12,067.92.

Trump administration has started probes into pharmaceutical and chip imports as part of its developing tariff plans on the products, Reuters reported.

Reserve Bank of New Zealand's operating budget will be reduced by roughly 25% in the coming fiscal year and set at roughly NZ$150 million for each of the next five years, New Zealand Finance Minister Nicola Willis said on Wednesday.

"The new agreement will ensure that the Reserve Bank has adequate resources to fulfill its legal responsibilities while promoting heightened cost efficiency," Willis said.

In the local economy, The Reserve Bank of New Zealand launched Kiwi-GDP, a "nowcasting" model providing live estimates for gross domestic product in each quarter based on frequently updated data releases.

The latest Kiwi-GDP data showed a declining GDP in the last four weeks till April 11, with the nowcast dropping to 0.7699% from 1.0009% on March 21.

In corporate news, Scales (NZE:SCL) acquired a further 7.5% holding in its unit Shelby Joint Venture with Brett Frankel for $24.4 million.

EBOS Group (NZE:EBO, ASX:EBO) opened a non-underwritten retail offer on Wednesday, aiming to raise up to AU$50 million, or NZ$54 million.